Rate Climb Continues

June 28, 2022
Mortgage-Rates-Rose-Last-Week-
For the week ending June 23, 30-year rates rose to 5.81% from 5.78% the week before.

 

In addition, 15-year loans increased to 4.92% and the average for five-year ARMs rose to 4.41%. A year ago, 30-year fixed rates averaged 3.08%, almost 3.00% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Fixed mortgage rates have increased by more than two full percentage points since the beginning of the year. The combination of rising rates and high home prices is the likely driver of recent declines in existing home sales. However, in reality many potential homebuyers are still interested in purchasing a home, keeping the market competitive but leveling off the last two years of red-hot activity.” 

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices for Adjustable Rates
Updated June 24, 2022

Daily Value

Monthly Value

June 23

May

6-month Treasury Security

2.44%

1.49%

1-year Treasury Security

2.78%

2.06%

3-year Treasury Security

3.12%

2.79%

5-year Treasury Security

3.14%

2.87%

10-year Treasury Security

3.09%

2.90%

12-month LIBOR

2.775% (May)

12-month MTA

0.644% (May)

SOFR Index

1.044% (May)

Prime Rate

4.75% (6/22)